The force sensor market size is expected to grow from USD 1.8 billion in 2019 to USD 2.3 billion by 2024, at a CAGR of 5.5%. Rising demand for industrial robots and growing safety features in automobiles are the key factors driving the growth of the force sensor market.
The force sensor market is highly competitive owing to the presence of a large number of regional and global players. The key players are focusing on enhancing their product portfolios and increasing market share through strategies, such as product launches, partnerships, joint ventures, contracts, and collaborations. Many market players adopted product launches as their key business strategy.
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METTLER TOLEDO (US) manufactures and markets precision instruments that are widely used in laboratories, industrial, and food retailing applications. The company provides analytical instruments for use in life sciences and chemical industries, as well as in real-time analytic systems used for drug and chemical compound development. It has a broad portfolio of load cells. The company is one of the dominant vendors in the market due to significant investments in R&D for product innovations and developments. The R&D investment of the company in 2018 was significantly higher than the other players in the market. Further, in FY2017, the company launched a number of products in the force sensor market, which, in turn, has improved its product offerings and increased customer base. The company provides only load cells to have a strong position in the market.
Spectris (UK) is a supplier of highly specialized measuring instruments and controllers for a number of industrial applications. Spectris has a number of subsidiaries under its 4 major operating segments—Materials Analysis, Test and Measurement, In-Line Instrumentation, and Industrial Controls. HBM and Omega Engineering, subsidiaries of Spectris, have an extensive product portfolio of covering all the products and services related to force sensors. HBM has been following the strategy of product innovation to expand its product portfolio and increase market share. It is one of the few companies that provides load cells, strain gauges, and piezo force sensors. They also have a balanced geographic presence that gives them an edge in the market across all the regions.
Force Sensor Market by Application, Technology (Piezoelectric Force Sensor, Strain Gauge, Load Cell, Capacitive Force Sensor, and Magnetoelastic Force Sensor), Operation, Force Type, and Geography – Global Forecast to 2024
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